- S&P500: Benchmark Posts Record Close While Major US Indices Hold Steady in Holiday Trade FXEmpire
- S&P 500, Dow hit all-time closing highs The Express Tribune
- Dow, S&P 500 close at record highs as Santa rally starts Business Recorder
- Wall St futures tick higher in thin post-Christmas trade Investing.com
- Wall Street Ends Year On High Note Amid Major Nvidia AI Deal Crowdfund Insider
Category: 3. Business
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S&P500: Benchmark Posts Record Close While Major US Indices Hold Steady in Holiday Trade – FXEmpire
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Kansas City Streetcar’s Riverfront extension is on track to open next spring | KCUR
The Kansas City Streetcar’s Riverfront extension is now in the testing phase.
KC Streetcar Authority Executive Director Tom Gerend said the first tests in mid-December went as well as they had hoped, and the extension appears on track to open next spring, perhaps in April.
“We always are committed to doing this the right way,” Gerend said. “The team has made great progress ahead of schedule, but we want to make sure that we do the work that’s necessary to open it right.”
Gerend said more tests will be conducted in the coming months to help crews determine what works well and what needs more attention. In the first quarter of next year, the KC Streetcar Authority will hold orientation for employees.
“We’ll need to push all of our staff through becoming familiar with the new route, with operating streetcars and testing streetcars on it,” Gerend said. “Making sure everything works as an integrated system before we get ready to launch this in public service.”
Carlos Moreno
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KCUR 89.3
Streetcars sit at the University of Missouri-Kansas City terminus on Aug. 20, 2025, at the end of the Main Street extension. Gerend said the testing process is federally regulated, as the Main Street extension was. Traffic may experience minor delays over the next few months, with the possibility of the closure of Grand Boulevard between Third Street and the Riverfront.
“There’s always going to be more work to do, and we still have a little ways to go on the project,” Gerend said. “It’s really a big relief for the project team and a big milestone as we look to push through the final finishing touches early next year and open the route next spring.”
The Kansas City Streetcar’s Main Street extension opened in October, after years of construction. The long-awaited grand opening was met with a weekend of community celebrations.
That 3.5-mile extension stretches from Union Station to the University of Missouri-Kansas City. Once the new extension opens, riders will be able to take the streetcar the entire route, from the Riverfront to UMKC.
“We really are pushing forward what we think is the generational reconnection of our Riverfront,” Gerend said. “So excited to connect all of the extended streetcar routes up to the Riverfront through a one-seat ride.”
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Gift Of Giving Starts With Two Wheels For Maui Keiki
At one of four of Jim Falk’s annual Christmas Kids Bike Build days, about 450 new bicycles are built for distribution to children in Maui County. (Kevin Fujii/Civil Beat/2025) Businessman Jim Falk donates the money. Aaron “Moose” Reichert, owner of Krank Cycles Maui, donates the muscle. The result is brand new bikes for hundreds of kids, built by volunteers who unbox, assemble and safety check bicycles over four Saturdays leading up to Christmas.
Krank Cycles Maui owner Aaron ”Moose” Reichert, left, and first-year volunteer Mike McKenna of Māʻalaea chat about spacing for the bikes during a recent build day in Puʻunēnē. McKenna learned about the volunteer opportunity from social media. (Kevin Fujii/Civil Beat/2025) Reichert got involved after the pastor at Kumulani Chapel, Rick Avila, asked him to help. The year before, Falk had bought about 100 bikes from Walmart, Reichert said, but assembly “turned out to be much more challenging than expected.”
“They were looking for help making sure the bikes were built properly and, most importantly, safely,” he said. “And that’s where we stepped in.”
Mike McKenna of Māʻalaea attaches a brake-cable housing. (Kevin Fujii/Civil Beat/2025) What started out as 20 or 30 volunteers grew to 150, and with them the number of bikes they could handle over two “build days” grew, too. It “doubled year over year,” he said, “until about six or seven years ago when it leveled off around 400 to 500 bikes annually.”
Volunteer Tom Nooney of Olinda connects brake cables. (Kevin Fujii/Civil Beat/2025) The other two Saturdays are focused on building bikes delayed by shipping issues and that’s also when professional bicycle mechanics go over every bolt, the brakes and the drive train to ensure the bikes are safe and ready to ride.
This year the final Saturday was cancelled. A post on the Krank Cycles Instagram account explained: “Maui… you absolutely showed up. ❤️ We’re officially DONE with all the bikes for the Jim Falk Christmas Keiki Bike Build!”
Volunteer Paul Pyzyna of Makawao, checks for loose threaded headsets in the old sanctuary of this former Puʻunēnē church building. (Kevin Fujii/Civil Beat/2025) Makawao woodworker Paul Pyzyna has volunteered the last few years. “My heart comes up to my throat,” he said of pitching in to help needy kids. “I’m always on the verge of tears.”
Volunteer Ryan Pierce of Stockton, Calif., checks for loose bolts on a linear-pull brake caliper. He was on Maui watching his nephews who were also helping after being “voluntold”. (Kevin Fujii/Civil Beat/2025) 
Volunteers go over bicycles before they’re checked by professional mechanics. (Kevin Fujii/Civil Beat/2025) Reichert also feels the satisfaction from giving back. “The bicycle has often been called one of the most noble inventions made by humankind, and I believe that,” he said. “Beyond the ride itself, it’s been a vessel, both personally and professionally, that’s allowed me to serve the community I live in and love and even communities beyond Maui.”
Volunteer Jerry Rice of Wailuku replaces an inner tube. This is Rice’s fourth year volunteering. “It’s surprising how many new bikes have flat tires,” Rice said. (Kevin Fujii/Civil Beat/2025) Bikes go not just to Maui children but to keiki on other county islands. On a recent Wednesday morning before sunrise, Krank Cycles Maui employees and Trilogy Excursions volunteers loaded about 40 bikes and helmets onto a catamaran bound for Kaunakakai, Molokaʻi.
The sun rises behind Haleakalā as the Trilogy crew, volunteers and Krank Cycles Maui employees load boxed bikes onto a catamaran in Māʻalaea Harbor. These bikes are destined for Kaunakakai, Molokaʻi, where 40 new bicycles will be built and distributed to keiki for Christmas. (Kevin Fujii/Civil Beat/2025) The Maui Bike Build is a, “growing annual tradition between Trilogy and our friends at Krank Cycles,” said boat captain Riley Coon. “Moments like these embody what it means to be a family-owned business on Maui: coming together, showing up for community.” Coon is one of the owners and a descendant of the original founders of the 53-year-old Trilogy Excursions, which include sailing, snorkeling and whale watching tours.
As the Trilogy crew unloads bikes at Molokaʻi Wharf in Kaunakakai, Maui County firefighters and the island’s only bike shop owner jump in to help. (Kevin Fujii/Civil Beat/2025) Coon said that for him the project “carries an extra layer of aloha, as our family’s Hawaiian roots trace back to Moloka‘i. And even generations later, that connection still feels alive.”
Kaunakakai Fire Station firefighters and Maui County employees load unbuilt bicycles at Molokaʻi Wharf. (Kevin Fujii/Civil Beat/2025) 
Bayer employees also help unbox and build bikes at the Kaunakakai Fire Station. Their employer pays their regular wages if they volunteer for this community event. (Kevin Fujii/Civil Beat/2025) Once on island, volunteers including firefighters and employees of Bayer Hawaii help with assembly. Molokai Bicycle owner Phillip Kikukawa brings his shop’s work stand to the Kaunakakai Fire Station to speed the process.
Maui Emergency Management Agency’s Justin Neuhart attaches handlebars. (Kevin Fujii/Civil Beat/2025) 
When the bikes arrive on Molokaʻi, Molokai Bicycle owner Phillip Kikukawa, bottom, back to camera, brings his shop’s work stand to the fire station. (Kevin Fujii/Civil Beat/2025) 
Bayer employees Keeya Bicoy, left, and Ambrosialynn Casil-Dudoit share a laugh while attaching pedals. (Kevin Fujii/Civil Beat/2025) 
Bayer employees Ambrosialynn Casil-Dudoit, from left, Iponohea Nahoopii-Kaauwai and Keeya Bicoy attach handlebars. (Kevin Fujii/Civil Beat/2025) 
Kaunakakai Fire Station firefighters not only offer a location for the bike build but they fill tires with air after returning from a call. (Kevin Fujii/Civil Beat/2025) Back on Maui, most of the bikes are distributed through the Boys & Girls Club from the showroom of Falk’s auto dealership, Valley Isle Motors in Kahului.
“Seeing that many kids receive bikes at once: the excitement, joy, and immediate freedom is incredible,” Reichert said.
This year, Reichert also surprised the Oshima family, who had volunteered at their church and for the bike build itself, with bikes. “I feel like a teenager again!” mother Mayumi Oshima said after taking her bike for a spin.
Elisha Oshima, 9, looks back toward his mother Mayumi and Krank Cycles Maui owner Aaron ”Moose” Reichert during the bike build in Puʻunēnē. (Kevin Fujii/Civil Beat/2025) 
Elisha beams in his new helmet while trying out his new bike. (Kevin Fujii/Civil Beat/2025) 
Mayumi Oshima takes her new bike for a spin. (Kevin Fujii/Civil Beat/2025) 
Reichert gets a hug from Oshima after she and two of her sons received new bikes and helmets. (Kevin Fujii/Civil Beat/2025) The build is especially meaningful to Reichert because he has a deep, personal connection to bicycles.
“As a kid, I grew up in a hostile home environment filled with dysfunction and abuse,” he said. “Someone gave my mom a bike to give to me, and when I received it, everything changed.”
He taught himself to ride in an empty lot.
“Even then, I knew that bike was my vessel to freedom,” he said. “The feeling of freedom I experienced riding away on that bicycle has never been surpassed — not by my first car, first apartment, or first serious relationship.”
“To give that same sense of freedom to a child,” he added, “is something I don’t have words for.”
Civil Beat’s coverage of Maui County is supported in part by a grant from the Nuestro Futuro Foundation.
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IT meltdowns have grounded planes. What airlines can learn from them : NPR
Alaska Airlines is the latest airline to ground its planes because of an IT meltdown. We talked to industry leaders about why these systems fail and what airlines can learn from past disruptions.
LEILA FADEL, HOST:
Millions of Americans will fly this holiday week. Every one of those flights depends on complex computer systems to manage the crew, assign the seats and more. Occasionally those systems fail, and when they do, it can ground an entire airline. NPR’s Joel Rose talked to industry leaders about why these IT meltdowns happen and how their systems can improve.
JOEL ROSE, BYLINE: Tony Scott had already boarded his flight from Seattle to Dallas back in July when the crew asked all the passengers to deplane.
TONY SCOTT: So we got off. And I noticed right then that many other flights with the same airline were being canceled.
ROSE: That was around 8 p.m. on a Sunday night. Within a few hours, Alaska Airlines would cancel hundreds of flights, many of them out of its hub at the Seattle-Tacoma International Airport.
SCOTT: It was chaos because the baggage people were clearly overwhelmed. The customer service people were overwhelmed. Every aspect of it was, you know, just a disaster and left people with no information, the wrong information.
ROSE: Scott wound up sleeping on the floor of the airport that night, along with hundreds of other people. Now, Scott is not just a disgruntled traveler. He’s also the former chief information officer at Microsoft and the federal government under President Obama. Scott is now the CEO of a cybersecurity company called Intrusion. And he has some theories about why airline computer systems are prone to major IT meltdowns, like the one he experienced firsthand.
SCOTT: It’s a spider’s web of technology that’s been used to automate everything that they do, all architected at different times from different people. If you were to sit down and do it from scratch, you would never, ever design it the way that it is.
ROSE: Alaska joined the long list of airlines that have been forced to ground their planes because of IT outages in recent years. Each of these incidents is a bit different, from the faulty software update that grounded thousands of Delta Airlines flights last year to the holiday meltdown that brought Southwest Airlines to its knees three years ago. But industry leaders say there are some conclusions we can draw about why these systems fail and what airlines can learn from past disruptions.
EASH SUNDARAM: It’s the backbone of this ecosystem that is extremely fragile.
ROSE: Eash Sundaram is the former chief information officer of JetBlue Airlines, who now works in venture capital. Sundaram says the airline industry is unusual because there is not a lot of commercially available software for much of what they do. So the airlines either have to build their own systems or cobble them together from multiple vendors.
SUNDARAM: The challenge is when one falls apart, it’s cascading pretty quick. All it takes is, like, a hundred flights to be canceled so it can completely shut down the entire network.
ROSE: And once an airline’s network goes down, it’s not easy to get it running again. That’s a lesson Southwest Airlines learned the hard way three years ago when a major winter storm slammed much of the country. While other airlines managed to get their operations up and running again within days, Southwest did not.
LAUREN WOODS: We were highly impacted in a couple key cities that were very crucial to our crew network.
ROSE: Lauren Woods is the chief information officer at Southwest. She had just been named to that job and hadn’t officially started yet in December of 2022. Since then, Wood says the airline has made big investments in its technology, including the system that manages its flight crews.
WOODS: We will see problems much earlier in the process, especially around our crew network, which is why we’ve been able, since then, to weather actually even bigger disruptions. Those capabilities and those investments we made really help us be a much better airline going forward.
ROSE: Southwest is not immune to tech problems, Woods says. But now the airline is able to respond quickly and proactively.
WOODS: We may have a tech outage. But you care less about it if it’s a five-minute recovery and I have many of those, versus I had one major tech outage, and it took me down for a day.
ROSE: IT outages will happen again, in other words. It’s just a question of when. And the test for airlines is how quickly they can get their planes and their customers back in the air.
Joel Rose, NPR News.
(SOUNDBITE OF CHILDISH GAMBINO AND AZEALIA BANKS SONG, “II. EARTH: THE OLDEST COMPUTER (THE LAST NIGHT)”)
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Beijing aims to achieve application of 100 industry-specific large models-Xinhua
BEIJING, Dec. 25 (Xinhua) — Beijing plans to achieve the application of 100 industry-specific large models by 2028, according to an implementation plan for the Chinese capital’s open-source ecosystem released by the municipal bureau of economy and information technology.
The plan also aims to cultivate 10 internationally influential open-source projects, including at least five globally leading ones. It will also cultivate 30 domestic high-profile open-source projects, with no less than 10 in the field of artificial intelligence (AI).
To support this goal, the city will encourage open sharing of hardware resources, data and tools. It will also back the development of AI open-source platforms that integrate model development with computing-power scheduling.
Beijing encourages large firms to open-source their technologies for SMEs, supporting future industries in reducing R&D costs through open source, and facilitating financing for high-potential companies.
To advance open-source commercialization, the city is cultivating renowned open-source businesses and specialized operating organizations, guiding patient capital into early-stage hard tech investments, and prioritizing open-source software firms for listing plans. ■
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Chinese shares close higher Thursday-Xinhua
This photo taken on Oct. 8, 2024 shows the Shenzhen Stock Exchange in Shenzhen, south China’s Guangdong Province. (Xinhua/Liang Xu) BEIJING, Dec. 25 (Xinhua) — Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 0.47 percent to 3,959.62 points.
The Shenzhen Component Index closed 0.33 percent higher at 13,531.41 points.
The combined turnover of these two indices totaled 1.92 trillion yuan (about 272.8 billion U.S. dollars), up from 1.88 trillion yuan the previous trading day.
Stocks related to aircraft manufacturing and ceramics led the gains, while shares in the furniture and tourism sectors saw major declines.
The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 0.3 percent to close at 3,239.34 points Thursday. ■
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Wish it could be Christmas every day? In this Bonavista shop, it is
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For one shop on Newfoundland’s Bonavista Peninsula, it’s Christmas every day.
Three years ago Gina Little opened Christmas 1497 Bonavista Inc., a store in the town of Bonavista that sells all things Christmas all year round. She said the busiest time is the months and weeks leading up to December 25.
No matter the season people visit, they’ll get the Christmas experience at Little’s store.
“When you come in here — if you come in July, you come in February — you’re getting the Christmas spirit,” Little told CBC Radio’s The St. John’s Morning Show.
That spirit includes Christmas music too and though it might not be for everyone, Little said her staff don’t mind.
“The ladies that work for me are fantastic. They don’t complain about the music,” Little said.
Something for everyone
The store offers a range of styles and prices, Little said, adding she’s noticed some items resonate with customers more than others.
“[It] reminds people of their childhoods, of their grandparents, of their mom and dad. The vintage ones are I think my favourite,” Little said.
Bows have been popular amongst customers this year too, she said.
“I tell people whatever you love — you love the reds and golds? Go for it. If you love the pinks and greens, there’s so much different variety that you can do,” Little said.
Little says people from all over the world have come through her shop’s doors. (Submitted by Gina Little) Little hopes she can spread some Christmas cheer with her store.
“We have a lot of repeat customers. And I love the people that come in, and they’re having a hard day, and they listen to a bit of Christmas music and go around, and they tell me they feel better when they leave,” Little said.
“That makes it so much more worth it for me.”
‘Give it a shot’
Little said every time she travels, she looks for a Christmas store, adding she’s not the only one who seeks out all things merry and bright on vacation either.
“We had tourists from all over the world this year,” Little said.
The store also offers shipping for folks who run out of room in their suitcases, she added.
Little said opening a Christmas store had been a dream of hers for a long time, though at first she wasn’t sure a shop like Christmas 1497 Bonavista Inc. would succeed in town. Still, she decided to forge ahead.
“The way our town has grown in the last 10 years, with online now being accessible, I thought I’d give it a shot,” Little said.
Though she has customers stopping into the shop all year-round, it isn’t always easy in the off-season but Little remains optimistic.
“Any new business starting up, it’s a struggle anyway, but especially when you do a unique store that’s year round,” Little said.
“It’s very hard but we’re making it work so far and I’m open to continuing to make it work.”
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prices surge as rally heads towards US$5,000 in 2026, analysts forecast
Gold has hit multiple records in 2025, but analysts believe the rally is far from over, with some forecasting the yellow metal could climb to US$5,000 per ounce amid geopolitical tensions and a buying spree by central banks.
Spot gold broke through the US$4,500-per-ounce mark for the first time, reaching a record US$4,510 on Christmas Eve on Wednesday, which was 72 per cent higher than the end of last year, when it stood at US$2,624.
This was the biggest annual jump for the precious metal, exceeding the 70 per cent rise in 1979, according to Brian Fung, CEO of the Hong Kong Gold Exchange. The increase followed a 26 per cent surge in 2024.
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Local prices rose in tandem, with gold in Hong Kong hitting a record HK$41,855 (US$5,382) per tael (37.51 grams) on Monday, according to the exchange.
Fung expected the rally to continue in 2026, with prices potentially hitting US$5,000 per ounce.
“The gold rally in 2025 was driven by expectations of interest-rate cuts, geopolitical tensions, and tariffs introduced by US President Donald Trump,” Fung told the Post. “Individual investors and central banks wanted to diversify away from US dollar assets, and gold became a safe-haven alternative.”
The Hong Kong government is rolling out big plans in 2026 to position the city as a global commodities trading hub. Photo: Shutterstock alt=The Hong Kong government is rolling out big plans in 2026 to position the city as a global commodities trading hub. Photo: Shutterstock>
He said all the factors supporting gold showed “no sign of disappearing any time soon, which is why prices are set to go up further in 2026”.
Goldman Sachs lifted its gold price forecast for December 2026 to US$4,900 per ounce, with analyst Lina Thomas citing strong structural demand from central banks and easing by the US Federal Reserve.
Morgan Stanley predicted US$4,500 per ounce by mid-2026, while Bank of America and JPMorgan both expected prices to surpass US$5,000 per ounce by the end of 2026.
Fung said central bank buying remained a major driver of the rally. “Central banks traditionally invest in US Treasuries and other US dollar assets,” Fung said. “But amid rate cuts and geopolitical tensions, they want to decrease their holdings in US dollar and gold has become a natural choice.”
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EBRD backs new Voli distribution centre to boost competitiveness in Montenegro
- The EBRD is providing an equity investment of up to €25 million in Voli Trade to build a modern logistics and distribution centre in Podgorica, Montenegro
- The project will boost Voli’s operational efficiency, drive digital transformation and deliver top-tier energy efficiency
- Dedicated support for digitalisation and cybersecurity, and a targeted internship programme, will promote competitiveness and equal opportunities in the sector
The European Bank for Reconstruction and Development (EBRD) is investing up to €25 million in Voli Trade, Montenegro’s largest food retailer, to finance the construction of a state-of-the-art logistics and distribution centre in Podgorica. This strategic investment will strengthen Voli’s operational efficiency, support its digital transformation and reinforce the firm’s commitment to sustainability and inclusion.
The new logistics and distribution facility will span 25,600 m2, featuring advanced energy-efficiency measures to achieve an energy rating significantly above national requirements.
The EBRD’s investment includes dedicated technical assistance for digitalisation and cybersecurity, supporting Voli in adopting modern systems of warehouse and vendor management and in piloting platforms to improve cyber resilience. The investment will enable a targeted internship programme focused on women, to address underrepresentation and promote equal opportunities in the sector.
Tamara Tosic, EBRD Regional Head of Food and Agribusiness, South-Eastern Europe, said: “Our investment supports Voli as it scales up its operations and strengthens its platform for long-term growth. Enhancing distribution infrastructure and data-driven capabilities is central to building resilient and competitive food retail businesses across the region.”
Remon Zakaria, EBRD Head of Montenegro, commented: “This investment marks a new chapter in our partnership with Voli. By supporting the construction of a modern logistics centre and advancing digital and green standards, we are helping Voli strengthen its competitiveness, drive sustainable growth and set new benchmarks for the retail sector in Montenegro.”
Dragan Bokan, Chairman of Voli Trade, added: “The contract we signed today is a strong incentive not only for Voli, but also for the overall development of a modern, competitive retail sector in Montenegro. I would like to emphasize in particular, how much cooperation with such a respectable European institution as the EBRD means to us. A partnership with a financial institution of such credibility is not just financial support – it is confirmation that Voli meets the highest European standards and is a reliable long-term partner. At the same time, it is a strong message that Montenegrin companies, when they operate in a disciplined, strategic and responsible manner, can be part of European trends and be recognized as valuable investment opportunities. I would like to take this opportunity to thank the EBRD for the trust it has shown us for almost two decades. This partnership has grown based on mutual respect, professionalism and the belief that development must be accompanied by responsibility, sustainability and a clear vision.”
Voli Trade is the leading food retailer in Montenegro, with 80 multi-format stores across the country.
The EBRD is a leading institutional investor in Montenegro, having invested more than €1 billion through 105 projects to date.
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Chinese shares close higher Thursday-Xinhua
BEIJING, Dec. 25 (Xinhua) — Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 0.47 percent to 3,959.62 points.
The Shenzhen Component Index closed 0.33 percent higher at 13,531.41 points.
The combined turnover of these two indices totaled 1.92 trillion yuan (about 272.8 billion U.S. dollars), up from 1.88 trillion yuan the previous trading day.
Stocks related to aircraft manufacturing and ceramics led the gains, while shares in the furniture and tourism sectors saw major declines.
The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 0.3 percent to close at 3,239.34 points Thursday. ■
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